Coupang: 2Q26 Business Recap
Coupang’s product-commerce revenue rose 8% in constant currency as data-leak churn lingered, while promotions and underused logistics capacity cut margins.
Wednesday, August 5, 2026
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Investor Letters
All letters- Palm Valley Capital First Quarter 2026 CHRD $7.4BDOX $6.2B
- Pershing Square Holdings 2025 HHH $4BBN $85B
- Palm Valley Capital Fourth Quarter 2025 INGR $6.2B
- Pershing Square Holdings Six-month period ended June 30, 2025 HHH $4BBN $85B
- Askeladden Capital Q2 2025 BELFB $3.6B
- Berkshire Hathaway 2024 ITOCY $102BMARUY $51B
- Horizon Kinetics 2nd Quarter 2024 LB $6.8BTPL $23B
Floor & Decor: 2Q26 Business Update
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Builders FirstSource reported Q2 2026 sales down 9% to $3.9 billion as weak housing demand and aggressive competitor pricing cut EBITDA…
Floor & Decor 2Q'26: Tentative Green Shoots
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Old Dominion Freight Line grew Q2 revenue 10.4% and EPS 32.3% as pricing offset lower tonnage, while excess network capacity sets up…
Under the Hood - Adobe Inc. ($ADBE)
Adobe generates 96% of revenue from subscriptions and converts over 40% into free cash flow, but generative AI tests whether Creative…
Under the Hood - Tractor Supply ($TSCO)
Tractor Supply’s 2,602-store rural retail network supported 30+ years of growth.
Boston Scientific Has to Keep Buying the Future
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Sprouts Farmers Market’s 483-store fresh-food format combines dedicated distribution, curated assortments and long-built site selection,…
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Genuine Parts trades at roughly 9x EBITDA as cyclical weakness and elevated NAPA investment temporarily depress earnings.
Texas Instruments 2Q'26: Not Another Head Fake
Texas Instruments’ 2Q’26 revenue grew 23% year over year and 13% sequentially, supporting management’s view that pricing and demand have…
Danaher 2Q'26: Yet Another "Meh" Quarter
Danaher posted 3.0% core revenue growth in 2Q’26, with LTM adjusted EBITA flat at $7.1 billion since 2Q’24 despite a mid-20s earnings…
Airbnb’s Cost of Market Creation and Regulatory Survival
Airbnb spent 1.1% of 2025 GBV on field operations and policy as regulatory costs persisted; New York’s short-term-rental crackdown cut…
[ZTS] Zoetis could use a booster shot
Zoetis’ pet-drug blockbusters have shifted its mix from low-growth livestock medicines to durable companion-animal franchises with softer…
Under The Hood, Wingstop Inc. ($WING)
Wingstop generates most of its $697 million revenue from franchise royalties across a 3,153-restaurant, 98%-franchised system while…
Adobe Business History
Adobe built PostScript, Photoshop and PDF into desktop-publishing standards, using free Acrobat Reader and integrated Creative Suite tools…
Apollo and what even is private credit?
Apollo’s Marc Rowan argues private-credit risk depends on underwriting, seniority, leverage and diversification, not whether a bank or fund…
Under The Hood - Rollins ($ROL)
Rollins ($ROL) pairs automatically renewing pest-control contracts with route density and family-business acquisitions, producing 24…
A Hardware Multiple on a Software Powerhouse
A software powerhouse posts a record quarter while trading at a 52-week low, raising a valuation disconnect between its business model and…
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Seeking Alpha 29 of 159
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Mike Zaccardi, CFA, CMT
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Petri Dish Reports
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catechwilliams
Charles Frischer
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Clark Square Capital
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Colin King
Connor Haley
Conor Maguire | Value Situations
Convequity
David Orr
Deep Sail Capital
Devin LaSarre
DOMO Capital Management, LLC
Edwin Dorsey
Evan Tindell
Farmer
Fierce_beast
Fred Liu
Gavin Baker
Ian Bezek
Idea Brunch
JabroniCoin.USD
John_Hempton
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KEDM.com
Laughing Water Capital
Lee Roach
Little Owl Research
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marginofdanger
mavix
Mike
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SG
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Timyan Bank Alert
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ToffCap
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Voss Capital
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Investor letters we follow
- 1851 Capital
- Aikya Investment Management
- Akre Capital Management, LLC
- Alluvial Capital Management
- Alpinum Investment Management AG
- Ariel Investments
- Artisan Partners
- Askeladden Capital
- Asset Value Investors Ltd
- Baron Funds
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- Biglari Holdings
- Bireme Capital
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- Broyhill Asset Management
- Cantor Fitzgerald Asset Management
- Cedar Creek Partners
- Choice Equities
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- Crossroads Capital, LLC
- Distillate Capital
- Dodge & Cox Stock Fund
- Donville Kent Asset Management Inc.
- FPA Crescent Fund
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- Forager Funds Management
- Fred Alger Management, LLC
- Giverny Capital
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- Greenhaven Road Capital
- GreensKeeper Asset Management
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- Halvio Capital
- Hayden Capital
- Heartland Advisors
- Hoisington Investment Management
- Horizon Kinetics
- Intrepid Capital
- Invenomic Capital Management
- Janus Henderson Investors
- Kaydan Wealth Management
- Kernow Asset Management
- LVS Advisory
- Laughing Water Capital
- Lindsell Train Limited
- Macro Ops
- Maran Capital Management
- Markel Group
- Massif Capital
- McIntyre Partnerships
- Merion Road Capital
- Myrmikan Capital, LLC
- O'Keefe Stevens Advisory
- Oakmark Funds
- Palm Harbour Capital
- Palm Valley Capital
- Patient Capital Management
- Pendelhaven Asset Management B.V.
- PenderFund Capital Management Ltd.
- Pershing Square Holdings
- Polaris Capital Management
- Polen Capital 5Perspectives Growth Opportunities
- Polen Capital U.S. Opportunistic High Yield
- Praetorian Capital
- Protean Funds
- RGA Investment Advisors
- Rowan Street Capital
- Royce Investment Partners
- Sequoia Fund
- Southeastern Asset Management
- Third Avenue Management
- Tweedy, Browne
- Upslope Capital Management
- Vulcan Value Partners
- Wedgewood Partners
- Weitz Investment Management
- White Falcon Capital Management
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